While the decreasing rate of unemployment numbers in the US has its advantages, it doesn’t bode well for those who have hoped for a stimulus check. This comes as the Biden administration has been looking towards another way to juice the gradually recovering economy.
Till July, the rate of unemployment reached its very lowest since the beginning of this pandemic at a rate of 5.4%- which was reported by the Bureau of Labor Statistics. Although the rate of unemployment has not yet reached the levels that existed before the pandemic, more citizens have been joining the workforce in recent times.
Nevertheless, the pandemic is far from being over, and quite a few Americans might be heading towards more financial suffering in the latter half of the year.
What Does The Unemployment Rate Mean For Stimulus Check Payments?
Since the economy has been improving at quite a good rate, the White House doesn’t have plans which would result in a fourth stimulus check. Instead, President Biden has been looking towards issuing relief through the American Rescue Plan. The American Rescue Plan of 2021 has three different forms of stimulus relief for the citizens of the country.
- Three different stimulus check payments with a sum of $1,400 have been delivered to those deemed eligible under the requirements prescribed by the Treasury Department as well as the IRS.
- The plan has also led to the expansion of the child tax credit which will be providing qualifying families with a sum of $3,600 per child.
- The government at the center has also extended the unemployment bonus- a sum of $300- to the 6th of September- despite half of the states looking towards opting out of the measure.
Nevertheless, millions of American citizens have been lobbying very hard for another stimulus check even in the face of the Biden administration and their efforts.